Thanksgiving online spending hits record $6.1B

Published On Nov 29, 2024, 11:47 AM

Online shopping during Thanksgiving reached a record $6.1 billion, reflecting a nearly 9% increase from the previous year. This spike in spending is attributed to significant discounts across various products, particularly in electronics and apparel. Notably, services enabling 'buy now, pay later' contributed $430 million to online purchases, indicating a shift in consumer behavior towards flexible payment options. Overall, experts predict a continued trend of increased online spending throughout the holiday season, supported by attractive discounts and the popularity of payment services that enhance consumers' purchasing power.

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Stock Forecasts

AMZNView AMZN chart on TradingView

Positive

Given the record online spending and the ongoing trend toward e-commerce enhanced by discounts and buy now, pay later services, retail stocks are likely to benefit. Companies that actively participate in these trends could show increased revenues this holiday season, supporting a positive outlook for their stock prices.

AFRMView AFRM chart on TradingView

Positive

The current spending patterns indicate a heightened reliance on e-commerce solutions and payment flexibility. Companies offering payment processing solutions like Affirm Holdings, which provides buy now, pay later services, may see increased customer adoption and usage, suggesting a positive future outlook for their stock.

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